THAT’S CONVENIENT: U.S. August payrolls rise 96,000, jobless rate falls to 8.1%. Still makes 43 mo…
"From a reader:
I am betting you heard from other finance guys already, but these numbers were bad, bad, bad. We were hoping for at least 130k, and you really need 150k just to stay even.
What’s happening here is that people are leaving the jobs market.
Once a worker goes off his 99 weeks of unemployment payments (I refuse to call anything beyond the 27 weeks they paid for “insurance”), he heads straight to Social Security disability.
JP Morgan noted this several months ago, and the trend seems to be accelerating.
Once you’re on SSDI, you’re off the unemployment rolls.
Last month, 368,000 people stopped looking for work.
I am certain that we will continue to pay for those people, only they now help the unemployment number by ceasing to exist.
Top two claims are for back pain and stress.
Both are difficult to disprove."
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